China strengthens yuan against dollar, ending falls

August 14, 2015 11:13

China's central bank on Friday raised the value of the yuan against the US dollar by 0.05 per cent, the national foreign exchange market said, ending three days of falls after a surprise devaluation.
The daily reference rate was set at 6.3975 yuan to $1.0, from 6.4010 the previous day, the China Foreign Exchange Trade System said. That was also slightly stronger than Thursday's close of 6.3982 yuan.
The higher fixing for the yuan came after the People's Bank of China reassured financial markets by pledging to seek a stable currency after a shock devaluation of nearly two per cent on Tuesday.

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